Q1 Operational HighlightsStrong growth in Global Licensing with a 29% year-over-year increase, driven by our premium franchises Peanuts, Strawberry Shortcake and Teletubbies across multiple categories and territories.Subsequent to the quarter, announced the renewal of multi-year partnership for Peanuts with Apple TV, extending through 2030 and reinforcing the long-term value of this iconic brand across premium content, global licensing and audience engagement initiatives.Subsequent to the quarter, ceased o ...

Summary of Key Takeaways from Brazilian Corporates Conference Call Industry Overview - **Investor Trip**: BofA's 12th Brazil investor trip highlighted a stark sectoral divide and a defensive corporate posture among Brazilian corporates, with a focus on deleveraging and liquidity preservation in a challenging environment [1][2][3] - **Corporate Bond Performance**: Brazilian corporate bonds (EBRZ index) have underperformed with a total return of +3.5% YTD compared to LatAm (+8.9%) and EM (+7.5%) [1] Core Themes - **Deleveraging Strategy**: Companies are prioritizing deleveraging due to increased leverage and high local interest rates (15%), leading to postponed investments and accelerated asset sales [3][4] - **Sectoral Divide**: Sectors like Oil & Gas services, protein, and logistics are performing well, while industrial sectors such as steel and petrochemicals face margin compression due to low-cost imports, particularly from China [4][11] Credit Events and Market Sentiment - **Contagion Fears**: Recent credit events at Ambipar and Braskem have heightened investor scrutiny on balance sheets, potentially leading to a broader repricing of risk [2][4] - **Investor Preferences**: There is a growing emphasis on transparent governance and conservative financial policies among investors [2] Sector-Specific Insights - **Pulp & Paper**: The sector is navigating a downturn in pulp prices, with Suzano taking a leadership role through capacity cuts and diversification into consumer tissue [10] - **Metals & Mining**: The steel market is under pressure from Chinese oversupply, impacting CSN and Gerdau, while Vale remains focused on shareholder returns [11] - **Banking**: A bifurcation in credit quality is evident, with Itaú managing risks effectively while Banco do Brasil faces challenges in its agribusiness portfolio [12][51] - **Oil & Gas**: Petrobras is balancing investments with shareholder returns amid volatile Brent prices, while companies like Acelen are experiencing operational momentum [13][26] - **Agribusiness**: Adecoagro is facing significant margin squeezes despite high production volumes, with a focus on strategic acquisitions [19][37] Financial Health and Projections - **Banco do Brasil**: NPLs in agribusiness have reached 3.5%, prompting increased provisions to R$56 billion, with government intervention expected to stabilize the situation [51][52] - **Braskem**: The company is in crisis management mode, facing a prolonged downturn and cash burn estimated at $1 billion for 2025 [55][57] - **Acelen**: The refinery reported a significant reduction in operating costs from over $12/bbl in 2022 to $7.8/bbl in 1H25, with a positive outlook for diesel prices [26][27][33] Strategic Initiatives - **Acelen Renewables**: Plans for a $3 billion refinery project to produce sustainable aviation fuel and hydrotreated vegetable oil are underway [36] - **Adecoagro's Acquisition**: The acquisition of a stake in Profertil is seen as strategically beneficial despite potential near-term credit pressures [39][40] Conclusion - The Brazilian corporate landscape is characterized by a defensive posture, aggressive deleveraging strategies, and a clear sectoral divide influenced by both domestic and global economic factors. Investors are increasingly cautious, focusing on governance and financial health as key determinants for future investments.

Snoopy, Woodstock, and the rest of the Peanuts gang have kept us entertained for 75 years. To celebrate, type “snoopy” or “peanuts” into Google Search. ...

Core Insights - WildBrain Ltd. reported its full year and Q4 2025 results, highlighting strong growth in its Global Licensing business and improved financial metrics compared to the previous year [5][6][8] Q4 Financial Highlights - Revenue including Canadian Television Broadcasting was $139.1 million, up 7% year over year, while revenue excluding Television was $129.4 million, up 6% year over year [7][10] - Net income including Television was $9.5 million, a significant improvement from a net loss of $80.7 million in Q4 2024; net income excluding Television was $11.2 million compared to a net loss of $17.0 million in Q4 2024 [7][13] - Adjusted EBITDA including Television was $24.6 million, up 3% year over year; adjusted EBITDA excluding Television was $19.1 million, down 1% year over year [7][12] Fiscal 2025 Financial Highlights - Total revenue including Television was $523.4 million, up 13% year over year; revenue excluding Television was $487.3 million, up 14% year over year [7][14] - Net loss including Television was $89.8 million, an improvement from a net loss of $106.0 million in FY 2024; net loss excluding Television was $97.6 million compared to a net loss of $58.2 million in FY 2024 [7][14] - Free Cash Flow for FY 2025 was positive $49.5 million, compared to negative $29.5 million in FY 2024 [7][12] Global Licensing Performance - Global Licensing revenue increased 29% to $69.4 million in Q4 2025, driven by strong growth in owned brands such as Peanuts, Strawberry Shortcake, and Teletubbies [10] - Strawberry Shortcake revenue grew nearly 200% year over year, while Peanuts recorded its strongest year ever with broad-based global demand [7][10] Strategic Focus and Future Outlook - The company announced its decision to exit the Canadian broadcast television business to concentrate on higher-margin, higher-growth opportunities [8] - For Fiscal Year 2026, the company expects revenue growth of approximately 15% to 20% and adjusted EBITDA growth of approximately 15% to 20% [15]

Core Viewpoint - WildBrain Ltd. is ceasing its television broadcast business due to the inability to negotiate new carriage agreements with Rogers Communications and Bell, leading to the conclusion that the Channels are no longer commercially viable [2][3][5]. Company Update - WildBrain has announced that it will surrender the Channel licenses to the Canadian Radio-television and Telecommunications Commission (CRTC) and will simplify its voting structure to a single class, enhancing strategic flexibility [3]. - The decision to discontinue the Channels is expected to have minimal impact on the broader business strategy, as WildBrain continues to focus on monetizing its entertainment IP across various platforms [5]. Financial Performance - The company reported a 17% growth year-to-date through the third fiscal quarter, indicating strong performance beyond the television business despite industry challenges [6]. Strategic Direction - WildBrain is aligning its business with changing consumer habits, strategically exiting the declining broadcast space in Canada while leveraging its iconic IP such as Peanuts, Strawberry Shortcake, and Teletubbies across streaming and consumer products [5][6].